If youвЂ™re one of several many people who possess experienced as a result of pay day loans, you may have now been very happy to begin to see the news that payday lender Wonga ended up being entering management.
A few weeks ago, Wonga ended up being the UKвЂ™s biggest and fastest growing lender that is payday however the companyвЂ™s luck changed if the Financial Conduct Authority (FCA) imposed strict new guidelines round the quantity of interest payday loan providers could charge their clients.
WhatвЂ™s more, the FCA forced Wonga to pay clients for unjust debt and lending collection techniques. The blend of the a few things turned out to be way too much strain that is financial the business вЂ“ and some times ago, they went into management.
The real question is вЂ“ what performs this mean in the event that you owe Wonga money?
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